[xorcist]

That would depend entirely of "handle other people's money" actually mean. There's a huge difference between the different players in this space. Just because they're in the same ecosystem doesn't mean the same regulations should apply.

I am personally intrigued by point 4, "any untouched asset after five years is abandoned property". So, if I deposit money in my account, it's not mine after five years? Where does it work like that?

[fred_durst]

#4 does not mean New York State owns it forever. It is intended to prevent companies from having an incentive to create business practices based on the hope that people will forget about or abandon funds etc. A customer can claim those funds by going here:

https://www.osc.state.ny.us/ouf/

Your comment is kind of what I'm talking about. You do not know nearly enough about this stuff to start a Bitcoin startup judging by the fact that you don't even know what unclaimed property is. Therefore I hope regulations like this prevent you and other obviously unqualified people from handling other peoples money.

EDIT: I came out a bit harsh on this and I apologize. I intended to use it as an example of you likely having the technical ability for such a project but not the financial knowledge, which in my opinion is the dangerous situation these regulations will hopefully prevent.

[markburns]

xorcist choosing to question a comment on a website does not necessarily put him in the same category as people wishing to start a bitcoin startup handling others money

[fred_durst]

That's a valid point. It came out wrong and unnecessarily harsh.

I should have also added that although the person I was replying to(xorcist) was unqualified in the financial knowledge, I assume by way of being around HN, that they likely have more than enough technical aptitude for such an endeavor.

These regulations, in my opinion work to protect the larger markets from exactly that type of dangerous situation.

[greenyoda]

"I am personally intrigued by point 4, 'any untouched asset after five years is abandoned property'."

That's how bank accounts in NY State currently work. However, if your account has been idle for a while, your bank tries to contact you to tell you about it. If you have on-line banking, logging in to your account usually makes it active again.

Also, in the event that your money does get turned over to the state, you can ask the state to return it to you.

I think this law is primarily designed to ensure that if people die without leaving a will, the funds will go to the state rather than to the bank. If heirs (e.g., next of kin) turn up eventually, it's easier to go to the state's web site and look for unclaimed property under someone's name than to try to figure out which of hundreds of banks the deceased had his account at.

[starkness]

And one of the key questions is, does this make sense for, say 1000 abandoned dogecoin (current value $0.24) on tipdoge.info? This is why we proposed de minimis exceptions.

[fred_durst]

Absolutely, 100% it does. Because it helps to prevent a business from building its profit model around 100,000 people abandoning $1 each.

[starkness]

Policy is always about tradeoffs. Is it your stance that the creator of Reddit tip bots should have to register fingerprints with the FBI, hand over personal financial info, send quarterly reports with to the Superintendent with audited financial statements, collect the real identities and physical addresses of all senders and recipients, assign a compliance officer, hire an outside firm to do pentesting, get permission before releasing a new product, service, or features, and have an undisclosed amount of USD funds bonded to NY State along with an undisclosed amount on hand just to operate a simple app? What about open source projects that are not corporations?

[fred_durst]

Yes, that is exactly my stance. Find another hobby outside of playing with people's money.

[xorcist]

... or do it somewhere else than in New York State, I guess?